TORONTO, Dec. 12, 2018 /CNW/ - Newstrike Brands Ltd. (TSX-V:HIP) ("Newstrike" or the "Company"), is pleased to announce that its wholly-owned subsidiary, Up Cannabis Inc. ("Up Cannabis"), has received initial purchase orders from PEI Cannabis Management Corporation (PEICMC) for adult-use cannabis products.
"We are increasing the availability of Up Cannabis products from coast to coast," said Jay Wilgar, CEO of both Newstrike and Up Cannabis. "We are thrilled to announce this agreement with PEI Cannabis and look forward to building a long-term partnership by providing high quality, safe and reliable products to their adult-use consumers."
Prince Edward Island becomes the sixth Canadian province with which Up Cannabis has announced agreements. Up Cannabis has also formalized supply agreements with the Nova Scotia Liquor Corporation (NSLC), Ontario Cannabis Store (OCS) and the Alberta Gaming, Liquor & Cannabis Commission (AGLC). The company also has a signed Memorandum of Understanding with the British Columbia Liquor Distribution (BCLDB) as well as having been cleared as a supplier to the Saskatchewan Liquor & Gaming Authority (SLGA).
With agreements in place with six provincial distributors, Up Cannabis continues to operate in an elite group of Licensed Producers. Health Canada has issued licenses to more than 100 entities under the Cannabis Act, and Up Cannabis is one of only eight with provincial agreements in at least six provinces.
About Newstrike and Up Cannabis
Newstrike is the parent company of Up Cannabis Inc., a licensed producer of cannabis that is licensed to both cultivate and sell cannabis in all acceptable forms. Newstrike, through Up Cannabis and together with select strategic partners, including Canada's iconic musicians The Tragically Hip, is developing a diverse network of high quality cannabis brands. For more information, visit http://www.up.ca or http://www.newstrike.ca
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Newstrike to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to Newstrike's expectations with respect to the legalization, supply and sales of cannabis. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date.
Newstrike does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
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SOURCE Newstrike Brands Ltd.
For further information: Newstrike Investor Relations, 1-877-541-9151, [email protected]; Jay Wilgar, CEO, Newstrike Brands, (905) 844-8866